Monarch on the
Merrimack project back on track
Tom
Duggan
 Bob Ansin, owner
Lawrence’s Wood Mill building named “Monarch
on the Merrimack”, says he is
moving forward with construction on the
$200 Mil project after months of trying
to find new funding.
Ansin told the Valley Patriot in an
excusive interview Friday, that Sal
Lupoli of Sal’s Riverwalk has
purchased the “F” section of
the building “so he can expand what
is going on at the Riverwalk.” But,
Ansin says, “contrary to some of the
rumors an speculation in the community,
Sal and I are not partners, Sal has
nothing to do with Monarch. What he did
was, he purchase a portion of the
building so he can continue his business
development the way someone would buy a
condo in a housing complex. Monarch is
still a completely separate entity. These
are two very different projects”
Ansin said that the Wood Mill building
has been separated into six sections by
firewalls and Sal Lupoli, President/CEO
of Sal’s Pizza Retail and Wholesale
Divisions, Salvatore’s Restaurants
and Riverwalk Properties purchased
section “F” which is 360,000
square feet of unfinished mill space
"located closest to Riverwalk so he
can expand into the Wood Mill and
continue what he is doing next
door.”
Ansin
lost a $40 million investment last October
after the Eagle~Tribune printed an
erroneous story claiming their reporters
had “witnessed” men in
“tyvek suits removing asbestos from
the building”. The Tribune later
printed a retraction but, according to
Ansin at the time, investors who were on
their way to Lawrence to finalize the
deal got wind of the story and pulled out
of their commitment to fund the rest of
the Monarch project. The Tribune story
was writen by Bill Kirk and Jill Harmacinski.
“I
had hoped that we could find additional
investors sooner than we have,"
Ansin said. "But, with the housing
market being what it is, it has been a
tough road trying to get this project
back on track and get bankers and
investors on board.”
Ansin said that the “city within a
city” Monarch on the Merrimack
project is fully expected to be back on
track by September. “I think with a
9-12 month construction schedule we can
finish 100% of the 200 lofts and 80,000
square feet of commercial and retail
space. You will have to talk to Sal for
the particulars on his end but my
understanding is that within a total of
about 24 months Sal’s section of the
building should be up and running.”
“Lots of people said we couldn't
pull this off, and others were taking
cheap shots at us at every opportunity
but we have been consistent in our plan
to move forward and we are happy to
announce that this is about to happen.
Rest assured, we will remember those who
stood by us in the past few months as we
struggled to get through this.”
Lawrence Mayor Mike Sullivan said he was
“very excited” to hear that
Ansin was moving forward with the Monarch
on the Merrimack Project and added that
he never had any doubts about
Ansin’s ability to continue the
project and help the revitalization of
the City of Lawrence.
“Look, Bob Ansin hit a rough patch
and with the housing market taking such a
hit there were some people who doubted
whether or not he would ever finish it
but I was never one of them. I know Bob
and I know this project, and I can tell
you that I was not worried for one minute
that he would use his business expertise
to get this project finished. I
don’t think the people of Lawrence
really understand the magnitude of this
project and what it will do for the
city.”
Lawrence Planning Director Michael
Sweeney agreed, “Bob Ansin’s
investment and success in moving this
project forward is another key signal
that Lawrence is on track and moving
forward in Mayor Sullvian's economic
revitalization. This not only impacts the
citizens of Lawrence but also has a
positive economic development impact
throughout the entire Merrimack Valley
area."
Ansin said that he will reveal more
details over the coming weeks and is
expected to appear on the Paying
Attention! Radio Program (WCAP/980AM) to
discuss the progress of Monarch next
week.
Shaw Rosen, Chief Operating Officer for
Monarch issued a press release late
Friday afternoon.
July 11, 2008
For immediate release
Issued jointly by Riverwalk Properties
and MassInnovation
On July 9, two of Lawrence’s biggest
landowners, Sal Lupoli and Robert D.
Ansin, announced that they joined forces.
The resulting complex will link two of
the city’s highest profile
developments, Riverwalk Properties and
Monarch on the Merrimack.
Lupoli and Ansin both came to Lawrence in
2003, buying two of the city’s
largest mill complexes next door to each
other. Both men have a track record of
success and philanthropy, and have
pursued different but complementary
development plans, Lupoli’s retail
and commercial, Ansin’s residential
and sustainable development.
Combined, the two complexes are
approximately 2.5 million square feet, 9
buildings, and over a half-mile of
frontage on Merrimack Street.
Running from Route 495 to the city’s
iconic Ayer Mills clock tower, these two
massive properties define the Lawrence
riverfront and skyline. They have also
both been high profile examples of the
state’s smart growth principles.
Both men recognize the positive effects
that this type of concentrated
development will have on the city. Under
the terms of the agreement, in which
Lupoli has acquired a section of the Wood
Mill for $5.6 million, Ansin will
continue with his original mixed-use
plans for Monarch on the Merrimack, 200
residential lofts and 80,000 square feet
of retail, office and entertainment
space. Lupoli will extend the vision of
the Riverwalk into the western end of the
Wood Mill. His existing Riverwalk complex
is nearly 100% occupied, and this
transaction provides him with an
opportunity to expand in order to meet
strong market demand.
Riverwalk Properties will begin
redeveloping its new space in the Wood
Mill within the next several
months. Construction on Monarch
will re-start in late September.
Ansin and Lupoli’s decision follows
a number of other major reinvestment in
the city over the last few years,
including the McGovern Transportation
Center in 2005, the successful Washington
Mills Lofts, and the expansion of
Cambridge College in Belltower Square.
Shaw Rosen
Chief Operating Officer
MassInnovation LLC
250 Merrimack Street
Lawrence, Ma 01843
978 833 1254
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